5 Biggest Sweldo Mistakes Employees Commit and How to Avoid Them

February 24, 2015

Akinse or Atrenta… Sweldo is the question.

Whenever its payday there is just light in the eyes of every employee. After days of working for hours you can now finally enjoy your accumulative earnings.
You may remember how I shared to you guys the Things That Ruin my Savings and I felt like many totally relate with my situation. Now as an employee you may find yourself sharing the same sentiment too only that today’s focus will be the 5 Biggest Sweldo Mistakes Employees Commit and I am going to teach you How to Avoid Them.

1. Believing You Deserve Something as a Reward for the Hard work.

  1. I know and I believe I have the same feelings every payday. It’s like I need to eat what I’ve been craving for and shop for new makeup that I really want because for the past 15 days I have been a good employee. Abusing the “Sweldo naman eh” attitude is bad for you may be letting yourself fall in the idea that it is ok to be a one day millionaire

How to Fix This:

Set a Fun Fund. Do not withdraw everything from your payroll and make it a habit to reserve not less than 500pesos every pay day. This way you won’t feel guilty in spending some money for shopping spree or quick visit of specialty café. You can also try to write down your craving and see if after 30 days you still want that said thing or product. This is actually a method I learned from Zen Habits.

2. Not tracking where your money goes.

2. You spend your money without even realizing how much an item cost or whether it is even part of your needs. A cool tip that I learned from PinasforGood is the habit of tracking your expenses no matter how little or how big the expenses made where. Once you have this habit of making a list on your purchases you will be able to assess where you money is going. This means that it will be easier for you to decide where you will cut down.

How to Fix This:

Use your cellphone’s Notes or Reminders to record your expenses in an effortless manner. You can also try using a pen and paper if you are more comfortable in jotting down notes. A lot of expense tracker templates are also available for you to use or might as well download a financial app. Read Get this 4 Personal Finance Apps.
3. Buy Now. Save Later.

3. If you keep on delaying your savings then you are not taking an advantage over the years that you are an active employee. There are real cases of workers whom they reach their retirement age without any savings at all. There are also those who resigned without any extra money that they could use in case of emergency.

How to Fix This:

The moment that you get your pay check automatically SAVE the money before anything else. It would also help if just like in item number 1, you won’t withdraw all of your pay check but leave a good 20% as your savings for the said cut off. Do not let saving come as the least of your priority for you will need that money in your future use. Read the 3 Envelopes that I am continually building toward my financial freedom goal.

4. Not making a spending plan.  

4. Creating an effective budget is a sure way of unleashing the potential of your salary. Those who don’t know how to budget will sure to overspend that can lead to becoming in huge debt. Remember how a traveler can be lost in the place without any guide or map.

How to Fix Learn
Search for a budget template that you like and that you know you will use for sure. You can also read on the following Budget Topics I have already discussed through this blog:
5. Not living below the means.
5. You know exactly how much you earn so why are you still  dealing with additional  personal debt and even credit card debts?!!! We have tendency to impress the people in our environment to get their approval to the point that we sometimes forget that our finances are suffering.
How To Fix This:
Learn to say no. No to gimmick on Friday nights, no to “biglaang” travel without any planning done, no to peer pressure over getting into vices. You also need to choose the people that you will network with and see to it that you are friends with positive and good people.
Moving On
It is important to note that how you allocate your sweldo today will surely affect how the coming days of your financial life will be. You don’t want to become someone who live payday by payday and onto the rat race.
This means that you need to take care of how your payday money will be used if you want to enjoy the rest of the working days.
Do not be the type of employee who will always be caught on Petsa de Peligro finding out how to survive the next 2-3 days before the new payday comes in.  

Be better in your finances. Save Now, Invest Now and walk your way to success.
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Clariza Glino

Izza of SavingsPinay helps Filipinos bridge the financial literacy gap one content at a time by providing insights and tips on budgeting, saving, investing, side hustle and growing your net worth. Aside from this blog she also writes at www.izzaglinofull.com, a beauty and lifestyle blog for frugal Pinays and manages, www.izzagevents.com, a wedding and event business since 2011. For inquiries, topic suggestions or future collaborations email her at izza@savingspinay.ph


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